Bureau Veritas Sa · EURONEXT:BVI
Bureau Veritas Sa — Q4 2025 Earnings Presentation
69 slides from Bureau Veritas Sa's earnings presentation, Feb 25, 2026
Slide 1: 2025 Results
2025 February 25, 2026 RESULTS 1
Slide 2: Disclaimer
DISCLAIMER This presentation contains statements related to our future business and financial performance and future events or developments involving Bureau Veritas that may constitute forward-looking statements. These statements are based on current plans and forecasts of Bureau Veritas’ management
Slide 3: Summary
SUMMARY 01 02 03 04 05 GROUP PORTFOLIO FINANCIAL LEAP | 28 OUTLOOK HIGHLIGHTS BUSINESS REVIEW UPDATE HIGHLIGHTS 3
Slide 4: Group highlights
e Group highlig BUREAU VERITAS
Slide 5: FY 2025 strong results, LEAP | 28 execution on track
REVENUE €6.5bn • +3.6% total growth (+7.3% at constant currency) • +6.5% organic growth in FY 2025, of which +6.3% in Q4 FY 2025 A D J . O P E R AT I N G P R O F I T STRONG €1,053M 16.3% R E S U LT S +5.7% y/y Adjusted operating margin +32 bps y/y and +51 bps at cc - ADJ. NET PROFIT François ADJ. EP
Slide 6: Sector leading organic growth
SECTOR LEADING ORGANIC GROWTH MULTIPLE LEVERS POWERING PORTFOLIO GROWTH BROAD GROWTH ACROSS ALL GEOGRAPHIES ORGANIC REVENUE GROWTH BY GROUP OF PRODUCT LINES IN PERCENTAGE OF GROUP REVENUE MID-SINGLE DIGIT HIGH-SINGLE TO DOUBLE-DIGIT Africa, Middle East M&O +14.3% +16.6% organic growth 10% IND +8.9%
Slide 7: Progressing on the CSR agenda
PROGRESSING ON THE CSR AGENDA 2028 2024 2025 target Scope 1 & 2 CO2 emissions 135 126 107 (in thousand tons)1 › Bureau Veritas strengthens its sustainability commitment, improving its EcoVadis score to 80/100 while Total Accident Rate (TAR)2 0.24 0.23 0.23 maintaining its Gold rating Gender balance
Slide 8: Portfolio business highlights
02. Portfolio business highlights 8
Slide 9: Marine & Offshore
Key 2025 figures LEAP | 28 MARINE & Divisional ▪ New revenue stream revenue Organic Revenue Growth OFFSHORE 47% › Launch of a Gas Center of Excellence in • New Construction: strong double-digit Qatar, expanding technical capabilities in LNG 9% OF FY GROUP REVENUE • Core In-service: mid-to-high singl
Slide 10: Agri-Food & Commodities
Key 2025 figures LEAP | 28 AGRI-FOOD & Divisional ▪ Focused portfolio revenue Organic Revenue Growth COMMODITIES 33% • Oil & Petrochemicals: low single-digit › Optimize Value and Impact: divestment of the food testing business accretive to the margin • Metals & Minerals: high single-digit 18% OF FY
Slide 11: Industry
Key 2025 figures LEAP | 28 Divisional revenue Organic Revenue Growth ▪ Focused Porfolio INDUSTRY 32% • Oil & Gas : double-digit › Closing of the acquisition of Sólida, a Spanish engineering firm specialized in technical 15% • Power & Utilities: strong double-digit 21% OF FY GROUP REVENUE services fo
Slide 12: Buildings & Infrastructure
Key 2025 figures LEAP | 28 BUILDINGS & Divisional revenue Organic Revenue Growth ▪ Focused portfolio INFRASTRUCTURE 38% • Capex Building: high single-digit › Expansion of services for Buildings in critical growth markets with the acquisition of 31% OF FY GROUP REVENUE • Opex Building: low-to-mid sin
Slide 13: Certification
Key 2025 figures LEAP | 28 Divisional revenue Organic Revenue Growth ▪ New services CERTIFICATION 53% › Accredited by EcoVadis to provide customers • QHSE & Specialized Schemes: high single-digit end-to-end support for supply chain 9% OF FY GROUP REVENUE • Sustainability* & Digital**: double-digit s
Slide 14: Consumer Products Services
CONSUMER Key 2025 figures LEAP | 28 PRODUCTS Divisional revenue Organic Revenue Growth ▪ Focused portfolio SERVICES 47% • Softlines, Hardlines, Toys: low-to-mid single-digit › Acquisition of SPIN360, an Italian consulting • Healthcare*: high single-digit firm specializing in sustainable innovation f
Slide 15: Financial review
03. Financial review BUREAU VERITAS 2025 RESULTS
Slide 16: Step change in growth and returns sustained in 2025
STEP CHANGE IN GROWTH AND RETURNS SUSTAINED IN 2025 ORGANIC REVENUE GROWTH +6.5% Robust broad-based organic revenue growth throughout the full-year 2025 ADJUSTED OPERATING MARGIN 16.3% Margin up 51 basis points year-on-year at constant currency ADJUSTED EPS €1.42 Operational leverage supporting EPS
Slide 17: LEAP | 28: aligned momentum and follow through
LEAP | 28 ALIGNED MOMENTUM AND FOLLOW THROUGH 2028 OUTLOOK 2023 2024 2025 GROWTH High-single digit At constant 10.8% 9.1% total revenue CAGR1 currency 7.3% MARGIN Consistent margin On a reported 15.9% 16.0% 16.3% improvement1 basis CASH Above 90%2 99.0% 114.0% 107.0% cash conversion RETURNS Increasi
Slide 18: FY 2025 total revenue growth of 3.6%
FY 2025 TOTAL REVENUE GROWTH OF 3.6% REVENUE EVOLUTION VARIATION ANALYSIS In EUR million +7.3% at constant currency +6.5% +2.9% (2.1)% (3.7)% 6,466.4 6,240.9 scope effect +0.8% François FY 2024 Organic1 Acquisition Divestment Currency FY 2025 (1) Alternative performance indicators are presented, def
Slide 19: Revenue growth by business
REVENUE GROWTH BY BUSINESS % of FY revenue FY 2025 Growth Q4 2025 at cc 31% Buildings & Infrastructure +5.2% +6.4% +11.6% +8.0% +5.7% 21% Industry +8.9% +1.0% +9.9% +4.9% +1.5% 18% Agri-Food & Commodities (8.2)% +3.7% (4.5)% (10.2)% +2.4% 12% Consumer Products +3.7% +1.7% +5.4% +2.6%+0.2% 9% Certifi
Slide 20: Adjusted operating margin (1/2)
ADJUSTED OPERATING MARGIN (1/2) GROUP MARGIN EVOLUTION 51bps at constant currency 74bps (23)bps (19)bps • Operational leverage • Functional scalability François 16.5% 16.0% 16.3% Margin at FY 2024 Organic1 Scope Currency FY 2025 constant currency (1) Alternative performance indicators are presented,
Slide 21: Adjusted operating margin (2/2)
ADJUSTED OPERATING MARGIN (2/2) GROUP MARGIN EVOLUTION Total Organic Scope Currency 2025 2024 (1) change y/y (bp) y/y (bp) y/y (bp) y/y (bp) Marine & Offshore 23.4% 23.4% +1bp +67bps - (66)bps Agri-Food & Commodities 15.1% 13.9% +117bps +122bps (1)bp (4)bps Industry 13.9% 14.4% (52)bps (21)bps (5)bp
Slide 22: FY 2025 key financial metrics
FY 2025 KEY FINANCIAL METRICS FINANCIAL HIGHLIGHTS Change Change IN EUR MILLION 2025 2024 y/y at constant y/y currency Revenue 6,466.4 6,240.9 +3.6% +7.3% Adjusted operating profit1 1,052.9 996.2 +5.7% +10.8% Adjusted operating margin1 16.3% 16.0% +32bps +51bps Operating profit 992.4 933.4 +6.3% +11
Slide 23: Cash flow generation
CASH FLOW GENERATION A CONTINUED STRONG MANAGEMENT OF WORKING CAPITAL IN THE FULL YEAR OF 2025 IN EUR MILLION 2025 2024 6.5% Adjusted Operating Profit 1,052.9 996.2 6.0% Restructuring cash-out (23.6) (15.7) 4.7% 3.7% Depreciation & Amortization 241.7 239.7 Change in Net Working Capital 19.1 60.8 Inc
Slide 24: Capital allocation
CAPITAL ALLOCATION 2025 CAPITAL ALLOCATION 2028 GOALS SHARE BUYBACKS PROGRAMS REFLECTING CONFIDENCE IN THE RESILIENT BUSINESS MODEL Acquisition spend(1) €(162)m NET M&A SPEND: accelerated Proceeds 2025 2026 from +€156m Portfolio high-grading divestment Completed in Q2 NEW CAPEX: 2.5% - 3.0% EUR 200m
Slide 25: Sustainability update
Pe rfo lue Oper rm io ze va ati ol tim i pact and onal Op nd im an fu le sca nctio ver tf a ce or lab n a ilit a dP ge led y lds l stro ew ho Focuse N ng exec Inn ution 04. ovat Sustainability e ship nd ion r Expa lead N e LEAP | 28 d ew nt “ e in g ec m o a u g o rk sk n o m y “ Tec h w il l s of w
Slide 26: Secular trends - key highlights
SECULAR TRENDS - KEY HIGHLIGHTS 2024 2025 Urbanization and Urbanization TECHNOLOGY re-industrialization RACE Connectivity and Digital and intelligence digitalisation François Energy transition and Energy security and decarbonization ENERGY DEMAND INCREASE electrification Sustainability drive Assuran
Slide 27: LEAP | 28 - Active portfolio management
Focused portfolio LEAP I 28 – ACTIVE PORTFOLIO MANAGEMENT LEAP | 28 SINCE THE LAUNCH OF THE PLAN 2025 revenue Acquisitions revenue mix Revenue mix growth at constant (in €m) evolution currency4 New Strongholds Optimize value & Impact Digital, Energy, Metals & Minerals, Tech consumer, Consumer divers
Slide 28: LEAP | 28 - Performance-led execution
Performance led execution LEAP I 28 – PERFORMANCE-LED EXECUTION Adjusted Operating Margin LEVERS + 38bps at cc Operational leverage FY 2023 François FY 2024 Functional scalability + 51bps at cc Tangible investments in performance levers FY 2024 FY 2025 2 0 2 5 R E S U L T S 28
Slide 29: LEAP | 28 - A strengthened organization
Evolved people model LEAP I 28 – A STRENGTHENED ORGANIZATION Effective January 1st, 2026 Expected outcomes • Unlock scale to achieve a step change in growth SCALE • Leverage the Group advantages and speed up decision-making WHY • Optimize structure to gain in agility and to improve cost to serve STR
Slide 30: AI @ Bureau Veritas
AI @ BUREAU VERITAS IMPACT ON EXISTING SERVICES FAST GROWTH IN AI-ADJACENT SECTORS Commissioning Project Management Risk management Specialized Energy Datacenters Supply chain manufacturing AI-generated pictures 2 0 2 5 R E S U L T S 30
Slide 31: AI @ Bureau Veritas
AI @ BUREAU VERITAS A PERFORMANCE TURBO FACTOR WAYS OF NEW WORKING SERVICES AI OPERATIONS CUSTOMERS NEW DIGITAL SERVICE ASSURANCE Efficiency and Customer experience Assess AI implementation Customer productivity service quality risks performance upside Certification National AI regulations Industria
Slide 32: Outlook
BUREAU VERITAS 2025 RESULTS 32
Slide 33: 2026 outlook
2026 OUTLOOK Bureau Veritas is starting the third year of LEAP I 28 strategy with sound market fundamentals. Building on a strong 2025 performance, the Group aims to deliver full year results for 2026 that align with the financial ambition outlined in its strategy: Mid to high Improved single-digit
Slide 34: Closing remarks
CLOSING REMARKS › Sector leading growth and margin expansion from a strong LEAP | 28 momentum › Confidence in underlying market drivers and in the strengths of our value proposition to our customers › Portfolio pivots and investment in innovation › Consistent increase in shareholder returns 34
Slide 35: Capital Markets Day save the date
S AV E T H E D AT E CAPITAL MARKETS DAY LEAP | 28 STRATEGY UPDATE TUESDAY 22 SEPTEMBER 2026 IN PARIS 2 0 2 5 R E S U L T S 35
Slide 36: Questions & Answers
QUESTIONS & ANSWERS 2 0 2 5 R E S U L T S 36
Slide 37: 2026 financial calendar
2026 FINANCIAL CALENDAR AGENDA Our information is certified with blockchain technology. Check that this presentation is genuine at www.wiztrust.com › Q1 2026 revenue: April 22, 2026 › Shareholder’s meeting: May 19, 2026 › H1 2026 results: July 29, 2026 › Capital Markets Day: September 22, 2026 Burea
Slide 38: Contacts
CONTACTS I N V E S T O R R E L AT I O N S D E PA R T M E N T BUREAU VERITAS SA - TOUR ALTO 14 RUE LOUIS BLANC, 92 400 COURBEVOIE Laurent Brunelle Head of Investor Relations, Financial Communication and Non-Financial Rating Agencies +33 (0) 7 79 52 69 21 laurent.brunelle@bureauveritas.com Colin Verbr
Slide 39: Appendix
06. Appendix® BUREAU VERITAS
Slide 40: Resilient portfolio - well-diversified revenue streams
RESILIENT PORTFOLIO – WELL-DIVERSIFIED REVENUE STREAMS REVENUE MIX BY TYPE OF SERVICES RISK MITIGATION SERVICES VS. REGULATORY REVENUE IN PERCENTAGE OF GROUP REVENUE IN PERCENTAGE OF GROUP REVENUE Example Opex & Risk c. 37% Systems mitigation Certification is a voluntary services1 business (industry
Slide 41: LEAP | 28 - M&A update
Focused portfolio M&A execution LEAP I 28 – M&A UPDATE 2025 Revenue M&A Annualized mix progress Revenue Expand Leadership1 37.6% 2 acquisitions c. €44m Contec AQS, London Building Control New Strongholds2 13.7% 5 acquisitions c. €40m François Ecoplus, Sólida, SPIN360 IFCR, Hinneburg, Optimize Value
Slide 42: LEAP | 28 - M&A update
Focused portfolio M&A execution LEAP I 28 – M&A UPDATE Since the launch of LEAP | 28 Revenue M&A Annualized mix in 2025 progress revenue • 7 acquisitions • c. €166m Net Expand Leadership1 37.6% • 2 divestment • c. €69m c. €97m New Strongholds2 13.7% • 12 acquisitions François • c. €92m Optimize Valu
Slide 43: An accelerating active portfolio management
Focused portfolio M&A execution AN ACCELERATING ACTIVE PORTFOLIO MANAGEMENT CPS Certification Buildings & Infra. Buildings & Infra. Certification CPS Technology Cybersecurity Capex & Opex Capex & Opex Cybersecurity Sustainability › Hi Physix Laboratory › Security Innovation › IDP Group › Contec › IF
Slide 44: Bond issuance - €700M, 8 years, 3.375%
BOND ISSUANCE - €700M | 8 YEARS | 3.375% Timetable › 24th September 2025: pricing and issuance › 1st October 2025: settlement NEW 2033 BOND Pricing & orderbook › Inital Price Talks (IPT) at MidSwap+115bps : qualitative book building at €1.9bn › Final Terms at MidSwap+83bps: › Final book 2.4x oversub
Slide 45: A leader in non-financial ratings
BUREAU VERITAS - A LEADER IN NON-FINANCIAL RATINGS MAIN RATINGS TO NURTURE REPUTATION WITH CLIENTS AND TRUST WITH INVESTORS 84/100 Negligible risk Advanced Top 5% S&P Global CSA Score 8.3 December 2025 Gold 73/100 July 2024 80/100 February 2026 December 2025 AA A- above industry average (C) July 202
Slide 46: Portfolio of business
PORTFOLIO OF BUSINESS REVENUE BY BUSINESS ADJUSTED OPERATING PROFIT Marine & Offshore Marine & Offshore 12% 9% 12% 17% Agri-Food & Commodities Agri-Food & Commodities 9% 18% Industry 17% Industry 10% 2025 2025 Buildings & Infrastructure Buildings & Infrastructure Certification Certification 31% 21%
Slide 47: 2025 revenue by business
2025 REVENUE BY BUSINESS REVENUE AND YEAR-ON-YEAR REVENUE GROWTH BREAKDOWN OF REVENUE €M Organic Scope Currency Marine & Offshore 12% 9% Marine & Offshore 557.9 +14.3% - (3.6)% Agri-Food & Commodities Agri-Food & Commodities 1,163.7 +3.7% (8.2)% (3.5)% 9% 18% Industry Industry 1,372.8 +8.9% +1.0% (5
Slide 48: 2025 revenue evolution by geography
2025 REVENUE EVOLUTION BY GEOGRAPHY REVENUE BY GEOGRAPHIC AREA REVENUE EVOLUTION BY NATURE Africa, Middle East Organic Scope Americas 10% +1.2% 25% +16.6% 2025 36% +3.4% +8.2% Europe +4.0% +4.1% (2.0)% (1.9)% 29% Americas Asia Pacific Europe Africa, Middle East Asia Pacific 48
Slide 49: Q4 2025 revenue by business
Q4 2025 REVENUE BY BUSINESS REVENUE AND YEAR-ON-YEAR REVENUE GROWTH BREAKDOWN OF REVENUE €M Organic Scope Currency Marine & Offshore Marine & Offshore 143.3 +15.6% - (5.6)% 12% 9% Agri-Food & Commodities Agri-Food & Commodities 289.1 +2.4% (10.2)% (4.1)% 9% 17% Industry Industry 356.1 +4.9% +1.5% (7
Slide 50: Q4 2025 revenue evolution by geography
Q4 2025 REVENUE EVOLUTION BY GEOGRAPHY REVENUE BY GEOGRAPHIC AREA REVENUE EVOLUTION BY NATURE Africa, Middle East Organic Scope 10% Americas +3.6% 24% +8.9% +10.2% Q4 2025 38% +5.5% +2.8% Europe (3.1)% (0.7)% (2.4)% 28% Americas Asia Pacific Europe Africa, Middle East Asia Pacific 50
Slide 51: Q4 2025 total revenue growth of 1.1%
Q4 2025 TOTAL REVENUE GROWTH OF 1.1% REVENUE EVOLUTION VARIATION ANALYSIS In € million +6.3% at constant currency +6.3% - (5.2)% 1,671.4 1,690.2 Q4 2024 Organic 1 Scope Currency Q4 2025 (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this present
Slide 52: Adjusted operating profit by business
ADJUSTED OPERATING PROFIT BY BUSINESS Adjusted operating profit (€M) Adjusted operating margin (%) Change Change 2025 2024(1) 2025 2024(1) (%) (bp) Marine & Offshore 130.8 118.2 +10.7% 23.4% 23.4% +1bp Agri-Food & Commodities 175.6 176.0 (0.2)% 15.1% 13.9% +117bps Industry 190.2 189.6 +0.3% 13.9% 14
Slide 53: Consolidated income statement
CONSOLIDATED INCOME STATEMENT IN EUR MILLION FY 2025 FY 2024 Revenue 6,466.4 6,240.9 Service costs rebilled to clients 214.9 203.4 Revenue and services costs rebilled to clients 6,681.3 6,444.3 Purchases and external charges (2,009.8) (1,943.2) Personnel costs (3,379.4) (3,264.9) Taxes other than on
Slide 54: Consolidated statement of financial position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION IN EUR MILLION DEC. 31, 2025 DEC. 31, 2024 IN EUR MILLION DEC. 31, 2025 DEC. 31, 2024 Goodwill 2,273.7 2,313.0 Share capital 54.5 54.5 Intangible assets 393.4 464.4 Retained earnings and other reserves 1,656.5 1,917.2 Property, plant and equipment 379.5 4
Slide 55: Consolidated statement of cash flow (1/2)
CONSOLIDATED STATEMENT OF CASH FLOW (1/2) IN EUR MILLION 2025 2024 Profit before income tax 875.4 863.0 Elimination of cash flows from financing and investing activities (98.2) 53.2 Provisions and other non-cash items 192.0 24.6 Depreciation, amortization and impairment 299.5 283.7 Movements in work
Slide 56: Consolidated statement of cash flow (2/2)
CONSOLIDATED STATEMENT OF CASH FLOW (2/2) IN EUR MILLION 2025 2024 Capital increase 13.4 18.1 Purchases/sales of treasury shares (190.7) (191.8) Dividends paid (430.0) (406.9) Increase in borrowings and other financial debt 698.9 1,000.4 Repayment of borrowings and other financial debt (533.0) (800.
Slide 57: Adjusted net financial debt
ADJUSTED NET FINANCIAL DEBT IN EUR MILLION DEC. 31, 2025 DEC. 31, 2024 Non-current borrowings and financial debt 2,389.9 1,896.5 Current borrowings and financial debt 229.9 534.4 Gross financial debt 2,619.8 2,430.9 Cash and cash equivalents (1,366.1) (1,204.2) Net financial debt 1,253.7 1,226.7 Cur
Slide 58: Earnings per share
EARNINGS PER SHARE IN EUR MILLIONS FY 2025 FY 2024 Basic EPS 1.32 1.27 Basic adjusted EPS 1.42 1.38 Weighted average number of shares 445,559,723 450,009,888 Diluted EPS 1.31 1.25 Diluted adjusted EPS 1.41 1.37 Weighted average number of shares for diluted 449,218,421 453,898,038 earnings 58
Slide 59: 2025 restructuring: €37.4 million
2025 RESTRUCTURING: €37.4 MILLION BY BUSINESS BY GEOGRAPHY Middle East & Africa 2% 16% M&O 22% Agri-Food & Commodities 31% Europe Industry 18% Asia Pacific 46% Buildings & Infrastructure 14% 5% Certification 26% Consumer Products Americas 20% 59
Slide 60: Well diversified sources of financing with a balanced maturity profile
WELL DIVERSIFIED SOURCES OF FINANCING WITH A BALANCED MATURITY PROFILE DEBT MATURITY PROFILE AS OF DECEMBER 31, 2025 DEBT BREAKDOWN 1% 8% 0.1% Bond Fixed rate USPP Floating rate 700 Other 20 500 500 500 91% 99.9% 200 200 0% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 EUR › Gross financial
Slide 61: Currency mix in 2025
CURRENCY MIX IN 2025 REVENUE CURRENCY EXPOSURE CURRENCY CHANGE (YEAR ON YEAR) OTHER 18.5% USD* (4.2)% EUR 30.2% CNY (4.1)% COP 1.2% AUD (4.9)% SGD 1.3% CAD (6.1)% GBP (1.2)% JPY 1.4% BRL (7.5)% SAR* 1.7% HKD* (4.1)% 2025 INR 2.0% AED* (4.3)% CLP (4.7)% CLP 2.1% INR (8.1)% AED* 2.3% SAR* (4.2)% HKD*
Slide 62: Definition of alternative performance indicators and reconciliation with IFRS (1/5)
DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS AND RECONCILIATION WITH IFRS (1/5) INTRODUCTION ORGANIC GROWTH (1/2) The management process used by the Bureau Veritas Group is based on a The Group internally monitors and publishes “organic” revenue growth, which series of alternative performance in
Slide 63: Definition of alternative performance indicators and reconciliation with IFRS (2/5)
DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS AND RECONCILIATION WITH IFRS (2/5) ORGANIC GROWTH (2/2) SCOPE EFFECT Organic revenue growth represents the percentage of revenue growth, To establish a meaningful comparison between reporting periods, the impact presented at Group level and for each b
Slide 64: Definition of alternative performance indicators and reconciliation with IFRS (3/5)
DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS AND RECONCILIATION WITH IFRS (3/5) Adjusted operating profit and adjusted operating margin are key indicators used to Since a measurement period of 12 months is allowed for determining the fair value measure the performance of the business, excluding
Slide 65: Definition of alternative performance indicators and reconciliation with IFRS (4/5)
DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS AND RECONCILIATION WITH IFRS (4/5) ADJUSTED EFFECTIVE TAX RATE ADJUSTED ATTRIBUTABLE NET PROFIT PER SHARE The effective tax rate (ETR) represents income tax expense divided by the Adjusted attributable net profit per share (adjusted EPS or earnings pe
Slide 66: Definition of alternative performance indicators and reconciliation with IFRS (5/5)
DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS AND RECONCILIATION WITH IFRS (5/5) FREE CASH FLOW FINANCIAL DEBT Free cash flow represents net cash generated from operating activities Gross debt (or gross finance costs/financial debt) represents loans and (operating cash flow), adjusted for the fol
Slide 67: Glossary
GLOSSARY Operating Profit (AOP) excludes amortization of acquisition intangibles, goodwill IoT: Internet of Things impairment, restructuring, acquisition and disposal-related items (adjustment items) IMO: International Maritime Organization ASR: Accident Severity Rate LNG: Liquefied Natural Gas Adju
Slide 68: Ownership and market data on December 31, 2025
OWNERSHIP AND MARKET DATA ON DECEMBER 31, 2025 SHAREHOLDING STRUCTURE MARKET DATA • Listed on Euronext-Paris • Ticker: BVI 1 Wendel group • ISIN: FR0006174348 • IPO on October 2007: €9.44/share 2 22.7% BNP Paribas • Share Price3: €27.18 • Market Cap.3: €12.34bn Blackrock • Main indices: CAC 40, CAC
Slide 69: www.bureauveritas.com
BUREAU VERITAS Shaping a World of Trust WWW.BUREAUVERITAS.coM ffi